for sale - loopnet€¦ · irvine, ca 92614. disclaimer: information included or referred to herein...

FOR SALERARE 0.438 ACRE RESIDENTIAL/COMMERCIAL DEVELOPMENT OPPORTUNITY

LOCATED IN THE HEART OF SANTA MONICA’S LINCOLN BLVD NEIGHBORHOOD CORRIDOR

2537 Lincoln Boulevard, Santa Monica, CA 90405

OFFERING MEMORANDUM

David Knowlton, SIOR, CCIMExecutive Vice [email protected] DRE Lic #00893394

TABLE OF CONTENTS

I EXECUTIVE SUMMARY

A. Opportunity Overview .............................2

B. Property Highlights & Sale Terms ............3

II THE OFFERING

A. Property Overview ..................................4

B. Aerials ...................................................5

C. Location Maps .......................................7

D. Assessor’s Parcel Map ..........................8

E. Zoning Overview ....................................9

F. Demographics .....................................11

G. Retail Trade Aerial ...............................12

III AREA OVERVIEW

A. Greater Los Angeles Region ................13

B. City of Santa Monica ............................14

C. Local Economy ....................................15

D. City Contact Information ......................16


NAI Capital1920 Main Street, Suite 100Irvine, CA 92614

Contact Information

Disclaimer:

Information included or referred to herein is furnished by third parties and is

not guaranteed as to its accuracy or completeness. You understand that all

information included or referred to herein is confidential and furnished solely

for the purpose of your review in connection with a potential purchase of the

subject property. Independent estimates of pro forma income and expenses

should be developed by you before any decision is made on whether to

make any purchase. Summaries of any documents are not intended to be

comprehensive or all-inclusive, but rather only outline some of the provisions

contained therein and are qualified in their entirety by the actual documents

to which they relate. The asset owner(s), their servicers, representatives and/

or brokers, including but not limited to NAI Capital Inc., and their respective

agents, representatives, affiliates and employees, (i) make no representations

or warranties of any kind, express or imp lied, as to any information or

projections relating to the subject asset(s), and hereby disclaim any and all

such warranties or representations, and (ii) shall have no liability whatsoever

arising from any errors, omissions or discrepancies in the information. Any

solicitation for offers to purchase the subject asset(s) is subject to prior

placement and withdrawal, cancellation or modification without notice.

2537 LINCOLN BOULEVARD | EXECUTIVE SUMMARY | 2

I | EXECUTIVE SUMMARY

NAI Capital Inc has been selected to offer this unique 0.438 Acre High Density Residential/Commercial Development Opportunity in the exclusive City of Santa Monica. Southern California is one of the top entertainment/tourism destinations in the world and Santa Monica rests in the middle of it all. The subject property is one of the few development opportunities within this upscale Beach City. With a daily traffic count of over 37,000 motorists per day, the site is within a short walking distance to Santa Monica Beach and Santa Monica Pier.

The Property is zoned General Commercial (“GC”) which is intended to maintain areas for affordable and market rate housing and a broad range of commercial uses that provide necessary daily services such as auto sales and auto repair, convenience retail, hotels, hardware stores and small restaurants. Limited setbacks all around, as well as street/alley frontage on three sides, improve the efficiency of this site for development. Depending on the project, the maximum FAR is 1.25 to 2.0. A detailed list of allowed uses is included in the Zoning Overview section of this package.

The Site is located one parcel away from Ocean Park Boulevard in the middle of Santa Monica’s “Lincoln Boulevard Neighborhood Corridor”; a stretch of Lincoln between the I-10 Freeway and the City limits at Ozone Avenue that has been targeted for improvements by the City. The “Lincoln Neighborhood Corridor Plan” (The “LiNC”) was adopted in April 2017. It is a streetscape plan that provides a range of short- and long-term enhancements to the public right of way along Lincoln Boulevard. Utilizing a strategy that balances tactical urbanism and the desire for “Pop-Up Placemaking”, the plan includes a $5.5M investment in Lincoln Boulevard with new medians and crosswalks, lighting and landscaping. The LiNC improvements will begin in early 2020 with an expected construction time of 18 months from commencement. You may access the City’s LiNC website and a visual representation of the streetscape improvements with the following links:

https://www.smgov.net/departments/pcd/plans/streetscapes/ l incoln-neighborhood-corridor-plan-(linc)/

https://www.smgov.net/uploadedFiles/Departments/PCD/Plans/Streetscapes/Envision-Lincoln/01.24.2017_%20LiNC_Schematic_FullCorridor_PC%20Version.pdf

A. Opportunity Overview

2537 LINCOLN BOULEVARD | EXECUTIVE SUMMARY | 3

B. PROPERTY HIGHLIGHTS & SALE TERMS

I | EXECUTIVE SUMMARY

PROPERTY Prime 0.438 acre development opportunity located in the middle of Santa Monica’s Lincoln Boulevard Neighborhood Corridor.

LOCATION Situated 0.6 mile south of the 10 Freeway, 2.6 miles from the 405 Freeway and 0.7 mile from Santa Monica State Beach; in the heart of beautiful Santa Monica.

ACCESS AND VISIBILITY Rectangular-shaped, corner location with 180’ of frontage on Lincoln Boulevard, 135’ frontage on Maple Street, and 180’ frontage along the rear public alley; Outstanding street circulation.

LAND USE DESIGNATION General Commercial (“GC”) which is intended to maintain areas for affordable and market rate housing and a broad range of commercial uses.

CITY INVESTMENT City will invest $5.5M to enhance the public right of way along Lincoln Boulevard.

CURRENT USE Currently leased to a car wash operator. Lease expires on 10/31/2019. Tenant has no options to renew or purchase.

SALE TERMS • Price: $7,355,000• Due Diligence Period: TBD

PROPERTY FEATURES

• Excellent High Density Residential/Commercial Development Opportunity

• Corner Location with Frontage on Three Sides; Two Streets and a Public Alley

• 180’ Street Frontage on Lincoln Boulevard

• Traffic Count of Over 37,000 Motorists Per Day

• Estimated Ave. HH: 1 Mile-$123,887; 3 Miles-$133,752; 5 Miles-$139,287

• Minimum Building Setbacks

• Maximum FAR Range of 1.25 to 2.0

• Zoning Allows High Density Residential & Many Commercial Uses

• Minutes from 10 & 405 Freeways

• Walking Distance to Santa Monica Beach & Santa Monica Pier

• Nearby to Retail, Schools & Parks

• Excellent Demographics

• APN 4284-008-016

2537 LINCOLN BOULEVARD | THE OFFERING | 4

II | THE OFFERING

ADDRESS 2537 Lincoln Boulevard, Santa Monica, CA 90405

SITE SIZE 19,100 SF (approximately)

APN 4284-008-016

ZONING General Commercial (“GC”)

UTILITIES/INFRASTRUCTURE Electric – On siteWater - On sitePhone - On siteSewer - On siteGas - On siteStreet – YesSidewalk – YesCurb/gutter – Yes

IMPROVEMENTS: Approximately 4,919 SF operating car wash and auto service bays

A. PROPERTY OVERVIEW


B. AERIAL

II | THE OFFERING


II | THE OFFERING

C. LOCATION MAPS

10


D. ASSESSOR’S PARCEL MAP

II | THE OFFERING


The Property is zoned General Commercial (“GC”). This Zoning District is intended to maintain areas for affordable and market rate housing and a broad range of commercial uses that provide necessary daily services such as auto sales and auto repair, convenience retail, hotels, hardware stores, and small restaurants while respecting adjacent residential neighborhoods and established neighborhood commercial areas.

E. ZONING OVERVIEW

II | THE OFFERING

ALLOWED USES

RESIDENTIAL USES

• Single-Unit Dwelling

• Duplex

• Multiple-Unit Structure

• Senior Citizen Multiple-Unit Residential

• Single-Room Occupancy Housing

• Group Residential (MUP)

• Congregate Housing

• Senior Group Residential

• Elderly and Long-Term Care

• Family Day Care

• Residential Care

• Residential Care, Senior

• Hospice

• Supportive Housing

• Transitional Housing

COMMERCIAL USES

• Animal Care, Sales and Services (CUP)

• Pet Day Care Services (MUP)

• Veterinary Services (MUP)

• Alternative Fuels and Recharging Facilities (CUP)

• Automobile Rental (MUP)

• Automobile/Vehicle Repair (CUP)

• Automobile/Vehicle Washing (CUP)

• Service Station (MUP)

• Towing and Impound (CUP)

• Banks and Credit Unions (CUP)

• Business Services (CUP)

• Bars/Nightclubs/Lounges (CUP)

• Restaurants

2,500 SF & Smaller

2,501-5,000 SF (MUP)

5,001 & UP (CUP)

• Equipment Rental (CUP)

• Convenience Market (CUP)

• Farmers Markets (CUP)

• General Market (CUP)

• Liquor Stores (CUP)

• Funeral Parlors and Mortuaries (CUP)

• Instructional Services (CUP)

• Live-Work (Possible CUP)

• Bed and Breakfast (MUP)

• Hotels and Motels (CUP)

• Maintenance and Repair Services (CUP)

• Nurseries and Garden Centers (CUP)

• Office (CUP)

• Parking, Public or Private (CUP)

• Personal Services (CUP)

• Tattoo or Body Modification Parlor (MUP)

• Retail Sales (CUP)

• Medical Marijuana Dispensaries (CUP)

• Swap Meets (CUP)

PUBLIC AND SEMI-PUBLIC USES

• Adult Day Care

• Child Care and Early Education Facilities

• Colleges and Trade Schools, Public or Private

• Community Assembly (CUP)

• Cultural Facilities (CUP)

• Hospitals and Clinics (CUP)

• Schools, Public or Private (CUP)

• Social Service Centers


II | THE OFFERING

E. ZONING OVERVIEWINDUSTRIAL USES

• Artist’s Studio

• Commercial Kitchens (CUP

• Media Production (CUP)

DEVELOPMENT STANDARDS

Min Parcel Size: 7500 SF

Min Parcel Width: 50’

Min Parcel Depth: 150’

Maximum FAR • Tier 1 Base Standard: 1.25

• Tier 1 Projects Including On-Site Affordable Housing in Compliance with AHPP: 1.5

• Tier 2 With Provision of Community Benefits: 1.75 (2.0 if on-site affordable housing provided)

• 100% Affordable Housing Projects: 2.0

Maximum Building Height (stories/height)

• Tier 1 Base Standard: 2/32’

• Tier 1 Projects Including On-Site Affordable Housing in Compliance with AHPP: 3/36’

• Tier 2 With Provision of Community Benefits: 3/32’ (3/36’ if on-site affordable housing provided)

• Tier 2 With Provision of Community Benefits and 100% Residential Above the Ground Floor: No limit to sto-ries/32’ (36’ if onsite affordable housing provided)

• 100% Affordable Housing Projects: No limit to sto-ries/40’

Minimum Setbacks • Rear: 10’ from centerline of public alley

• Maple: No setback

• Lincoln: No setback


II | THE OFFERING

F. DEMOGRAPHICS

Population 1 Mile 3 Mile 5 Mile

Estimated Population (2019) 36,945 226,595 495,463

Projected Population (2024) 37,131 227,926 496,950

Census Population (2010) 35,340 212,028 462,662

Census Population (2000) 34,347 204,859 438,196

Income 1 Mile 3 Mile 5 Mile

Estimated Average Household Income (2019) $123,887 $133,752 $139,287

Projected Average Household Income (2024) $150,734 $162,049 $168,566

Census Average Household Income (2010) $92,085 $101,232 $108,033

Census Average Household Income (2000) $66,884 $77,320 $84,366

Households 1 Mile 3 Mile 5 Mile

Estimated Households (2019) 19,586 118,506 238,337

Projected Households (2024) 20,153 122,328 245,650

Census Households (2010) 18,237 107,506 216,017

Census Households (2000) 17,724 104,388 206,367


II | THE OFFERING

G. RETAIL TRADE AERIAL

2537 LINCOLN BOULEVARD | AREA OVERVIEW | 13

A. Greater Los Angeles Region

III | AREA OVERVIEW

The Greater Los Angeles Region is the second largest urban region in the United States and is second only to the New York Metropolitan Area in terms of population and economic output; encompassing five counties in Southern California, Orange County, Los Angeles County, Riverside County, San Bernardino County and Ventura County. As of the 2010 U.S. Census, the estimated population by 2015 was 18.7 million. The region has continuously urbanized stretching from Ventura County to the southern border of Orange County. The Los Angeles area continues to grow, primarily on the periphery where new, less expensive, undeveloped areas are being sought. In these areas, populations as well as housing prices continue to explode especially in Riverside and San Bernardino Counties. Growth continues not only outside the existing urbanized area but also adjacent to existing development in the central areas. As in virtually all US core cities, there is now vigorous residential development in the downtown area with both new buildings and renovation of former office buildings.

The Region is home to over a quarter of all California residents. Orange County and Los Angeles County are part of the Los Angeles Metropolitan Area, the inner core of the Greater Los Angeles Region. Orange County is mostly suburban with no defined urban center. The establishment of the tourism industry allowed Orange County to become an important economic center. Today Orange County is home to many tourist attractions such as Disneyland, California Adventure, Knott’s Berry Farm, Discovery Science Center and Bower Museum along with extensive beaches and coastlines.

The explosive growth of the Greater Los Angeles Region can be attributed to its climate, the availability of land and many booming industries such as oil, automobile, motion pictures and aerospace which make it easy for employers to attract employees from around the world. Factors affecting continued growth and economic success in the Los Angeles area include:

• The area’s economy is diverse with an emphasis on aerospace, business, services, entertainment, technology, tourism and trade

• The ports of Long Beach and San Pedro provide deep water shipping access

• Five international airports provide air freight and passenger service, plus extensive freeway and rail systems

• The Basin is strategically situated for transacting business in two growing trade areas; the Pacific Rim and Mexico


B. City of Santa Monica

Santa Monica sits perched on the Pacific Ocean at the crossroads of Pacific Coast Highway and California Interstate Highway 10. Set along 3.5 glistening miles of coastline, the city is bordered by Malibu and Venice and is easily accessible from Los Angeles International Airport.

COASTLINE AND BEACHESThe blend of Santa Monica’s natural beauty, award winning dining, incomparable hotel collection and famed shopping options, all on one of California’s most beautiful stretches of shoreline create a truly unforgettable seaside destination. Santa Monica State Beach is an iconic destination that draws visitors from around the globe. It is three miles long, covers 245 acres of sand and is managed by the City of Santa Monica in cooperation with California State Parks. The Santa Monica Pier, a true Southern California icon, was built in 1909. It is home to an amusement park and the Santa Monica Aquarium.

ACCOMODATIONSSanta Monica is home to some of the most unique, celebrated hotels in all of Southern California. The city’s incomparable hotel collection is made up of 36 hotel properties with more than 3,500 hotel rooms that range from high-style boutique hideaways to world-famous oceanfront resorts.

DININGSanta Monica emerged as an international culinary destination in the 1980s and has remained in the top echelon of American dining thanks to its many celebrity chefs and the new generation of culinary innovators who continue to invigorate the city’s dining scene.

SHOPPINGSanta Monica’s tempting collection of global retail brands, haute boutiques and unique local offerings has turned the beachside city into an internationally celebrated shopping destination. From Downtown’s Third Street Promenade and Santa Monica Place, to upscale boutiques along the celebrity-filled Montana Avenue and the fun, shopping in Santa Monica offers something for everyone and truly immerses the visitor in the diverse character of the city.

Santa Monica Facts and Figures

• Size: 8.42 square miles

• Population Density: 10,663 people per sq. mile

• Median Age: 40.4 years

• Household Stats: 50,912 total housing units--72% renters, 27% owners

• Est. Average household income: $133,752

• Educational Attainment (Age 25+): 65% bachelor’s degree or higher

• Total Businesses: 9,463

Tourism in Santa Monica

• Total Visitors: 7.3 million (48.2% International; 51.8% Domestic)

• Total Annual Visitor Spending: $1.84 billion

• Average Daily Spending: $359 (hotel visitor); $94 (day visitor)

• Retail Sales Tax Revenue Generated from Visitors: $11.9 million

• Visitor Hotel Occupancy Tax Revenue: $46.6 million

III | AREA OVERVIEW


C. Local Economy

Santa Monica is home to the headquarters of many notable businesses, including Hulu, Universal Music Group, Illumination Entertainment, Saban Capital Group, Miramax, Lionsgate Films, the RAND Corporation, Beachbody, Fatburger’s and Macerich. Atlantic Aviation is at the Santa Monica Airport. National Public Radio member station KCRW is at the Santa Monica College campus.

A number of game development studios are based in Santa Monica, making it a major location for the industry. These include:

• Activision Blizzard (Includes Activision)

• Treyarch

• Cloud Imperium Games (Creators of Star Citizen)

• Naughty Dog (Creators of Crash Bandicoot (1996–1999), Jak & Daxter and Uncharted franchises)

• PUBG Corporation (North American station, developed Miramar map in PUBG)

• Riot Games, the creators of League of Legends is just outside the eastern city limit

Recently, Santa Monica has emerged as the center of the Los Angeles region called Silicon Beach, and serves as the home of hundreds of venture capital funded startup companies.

III | AREA OVERVIEW

# Employer # of Employees

1 City of Santa Monica 2,528

2 Santa Monica – UCLA Medical Center 2,079

3 Santa Monica College 1,953

4 Saint John’s Health Center 1,676

5 Santa Monica-Malibu Unified School District 1,457

6 RAND Corporation 842

7 Universal Music Group 743

8 Activision Blizzard and Activision 692

9 ET Whitehall (Shutters and Casa del Mar) 568

10 Lionsgate Entertainment 555


D. City Contact Information

III | AREA OVERVIEW

Location Address: 1685 Main St., Santa Monica, CA 90401

Main Phone: (310) 458-8411

City Planning: (310) 458-8341; [email protected]

Housing and Economic Development: (310) 458-8906; [email protected]

Santa Monica Public Works: (310) 458-2223; [email protected]

Headquarters

Encino 15821 Ventura Blvd., Ste. 320 Encino, CA 91436 (818) 905-2400

Los Angeles County

Downtown LA 601 S. Figueroa St., Ste. 3825 Los Angeles, CA 90017 (213) 632-7700

Diamond Bar 21660 East Copley Ave., Ste. 320 Los Angeles, CA 90017 (213) 632-7700

Pasadena 225 S. Lake Ave., Ste. 1170 Pasadena, CA 91101 (626) 564-4800

Torrance 970 W. 190th St. Dr., Ste. 100 Torrance, CA 90502 (310) 532-9080

Valencia 25060 Avenue Stanford., Ste. 165 Valencia, CA 91355 (661) 705-3550

West Los Angeles 11835 Olympic Blvd., Ste. 700E Los Angeles, CA 90064 (310) 440-8500

Coachella Valley

Palm Desert 75-410 Gerald Ford Dr., Ste. 200 Palm Desert, CA 92211 (760) 346-1566

Ventura County

Oxnard 300 Esplanade Dr., Ste. 1660 Oxnard, CA 93036 (805) 278-1400

Westlake Village 2555 Townsgate Rd., Ste. 320 Westlake Village, CA 91361 (805) 446-2400

Orange County

Irvine 1920 Main St., Ste. 100 Irvine, CA 92614 (949) 854-6600

San Clemente 120 ½ S. El Camino Real ., Ste. 210 San Clemente, CA 92672 (310) 806-6100

Inland Empire

Ontario 800 N. Haven Dr., Ste. 400 Ontario, CA 91764 (909) 945-2339

Temecula Valley 27720 Jefferson Ave., Ste. 330 Temecula, CA 92590 (951) 491-7590

Victorville 13911 Park Avenue, Ste. 206 Victorville, CA 92392 (760) 780-4200

NAI Capital Offices

No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. NAI Capital CA DRE #01990696


Contact Information

Cal DRE License #01990696

800.468.2618 • naicapital.com

FOR SALE | 2537 Lincoln Boulevard, Santa Monica, CA 90405RARE 0.438 ACRE RESIDENTIAL/COMMERCIAL DEVELOPMENT OPPORTUNITY

LOCATED IN THE HEART OF SANTA MONICA’S LINCOLN BLVD NEIGHBORHOOD CORRIDOR

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